Most European Central Bank policy makers judged that buying government debt was the only option big enough to fight the threat of deflation when they met last month, an official account of the debate shows.

As we survey the landscape of the currency market in early North American trade, Schadenfreude is the only way we can describe the reaction of the euro after yesterday’s failure to come to an agreement at the Eurogroup meeting.

The North American trading session has been extremely quiet so far as the U.S. is out on holiday and Canada isn’t scheduled to release anything, so most of the early attention is being directed toward today’s Eurogroup Meeting and comments by Finance Ministers whom are attending.

The pound fell to the weakest level in a month versus the euro as a report showed the U.K. inflation rate stayed near a five-year low, adding to speculation the Bank of England will delay increasing interest rates.